The U.S. agency charged with protecting consumers' finances approved
rules on Thursday that will help prevent wrongful home foreclosures, as
the regulator continues to press on with reforming the country's
massive lending market.
The rules by the Consumer Financial Protection
Bureau (CFPB), created in the aftermath of the U.S. housing bust that
began in 2006, build on current regulations requiring a mortgage
servicer to grant certain foreclosure protections to a struggling
borrower once over the life of the loan.
Now, servicers, the conduits for mortgage payments, must provide those
protections more than once, offering them to borrowers who make current
payments after they have worked out an agreement to avoid foreclosure.
Click here for the full article.
No comments:
Post a Comment